News Release Details

Equitable Resources, Inc. (NYSE: EQT) estimates total natural gas reserve potential, including proved, probable and possible reserve categories, of 7,227 Bcfe, a 26% increase over the 2006 total of 5,725 Bcfe. This increase was mainly driven by the success of the company's horizontal drilling program.

Equitable reported total proved reserves of 2,682 Bcfe at 2007 year end, a net increase of 185 Bcfe or 7%. The company's total proved reserve replacement rate was 323% at an all-in 2007 replacement cost of approximately $0.48/Mcfe. The drill bit reserve replacement rate was 386% from 321 Bcfe of 2007 extensions, discoveries and other additions with a reserve replacement cost of approximately $0.93/Mcfe.

Summarized below are the company's estimated 3P reserves broken out by play type:

In addition to the reserve estimates above, the company has also made an assessment of the total resource potential across its entire acreage position. This assessment has categorized the company's resource potential into a number of emerging plays with a range of unrisked reserve potential.

Reserve Replacement Calculations

Total proved reserve replacement rate is the sum of purchases, sales, extensions, discoveries and other additions, and revisions divided by production. Drill bit reserve replacement rate is the sum of extensions, discoveries and other additions divided by production. The all-in replacement cost is the total development cost plus costs for reserve acquisitions less proceeds from reserve sales divided by the total net reserve additions which include purchases, sales, extensions, discoveries and other additions, and revisions. The reserve replacement cost is the total development cost divided by the sum of extensions, discoveries and other additions.

Equitable Resources is an integrated energy company, with emphasis on Appalachian area natural gas production, gathering, processing, transmission and distribution. For information on Equitable, visit http://www.eqt.com.

Cautionary Statements

The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The company uses certain terms in this press release, such as "probable", "possible" and "unrisked reserve potential", that the SEC's guidelines strictly prohibit the company from including in filings with the SEC. Investors are urged to consider closely the disclosure in the company's 2006 Form 10-K, File No. 001-03551 available from the company at 225 North Shore Drive, Pittsburgh, PA 15212, Attention: Corporate Secretary, and, when filed with the SEC, the company's 2007 Form 10-K. You can also obtain the company's 2006 Form 10-K from the SEC by calling 1-800-SEC-0330.

Equitable's calculations of replacement rates and replacement costs may differ significantly from the methods used by other companies who report similar measures. As a result, our measures may not be comparable to similar measures reported by other companies. The data used to calculate the total reserve replacement rate and the drill bit reserve replacement rate is preliminary and, in some cases, remain subject to audit. Final data will be included in the company's 2007 Form 10-K, which will be filed with the SEC.

Disclosures in this press release contain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the forgoing, forward- looking statements contained in this press release specifically include the estimates of proved, probable and possible reserves and the unrisked reserve potential. A variety of factors could cause the Company's actual results to differ materially from the anticipated results. The risks and uncertainties that may affect the results of the Company's forward-looking statements include, but are not limited to, those set forth under Item 1A, "Risk Factors", of the Company's Form 10-K for the year ended December 31, 2006.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.